Home Affordable Modification Program (HAMP) Mortgage Modification

HAMP is a federal program to change home mortgages in order to help homeowners to keep their homes rather than lose them through foreclosure. Even if you file a bankruptcy case, you may be eligible for mortgage assistance under HAMP during or after your bankruptcy. The United States Trustee has asked all authorized Credit Counseling Agencies to provide consumers with a Fact Sheet and Frequently Asked Questions (FAQs) about HAMP. This information is contained in the documents below.

In addition, you may want to visit the Making Homes Affordable Web site at http://makinghomesaffordable.gov for more detailed information about HAMP, including an eligibility self-assessment tool for homeowners.

Potential Impact on Your Credit

A modification program will usually have a negative impact on your credit report, but it will depend on how your mortgage lender reports the program as well as how it reports your payments during the trial payment period (usually 3 months). If you have been late or missed any payments leading up to the modification, then your credit report has already been affected negatively.